Monash is ridiculously better than Swinburne in terms of rankings. Monash is ranked EIGHTEENTH in the world for Engineering (
http://www.csse.monash.edu.au/~hws/cgi-bin/MonashRanking.cgi, THES of '04/'05. Unable to find more recent rankings)
Swinburne wouldn't even be in the top 100. Irrespective of the international acclaim of a Monash degree, Monash has far higher resources than Swinburne and would prepare you well for the industry.
HAVING SAID THAT, Swinburne's IBL offer does sound quite alluring, but you've got to ask yourself: Is one year of paid IBL going to compensate for when you're in a workforce, competing against people who have been through Monash's industry placement and have an accredited Monash degree, which, I don't mean to be pretentious, is worth more to an employer than one from Swinburne?
My advice is to accept the offer, but really, weigh the pros and cons for what you want in your life.